Beijing,  A report has revealed that China is set to become the world’s largest economy by 2024. A global industrial data and analysis company in London, IHS, said on Friday in a press release that with an anticipated nominal gross domestic product (GDP) of 28.25 trillion U.S. dollars, China will record the highest GDP, overtaking America (27.31 trillion U.S. dollars), reported China Daily.

The company said that China’s share of world’s GDP is expected to rise from 12 percent in 2013 to 20 percent in 2025. Rajiv Biswas, chief Asia economist at HIS, said that the country is expected to re-balance towards more rapid growth in consumption over the next 10 years which will bolster the structure of the domestic economy and the growth of the Asia Pacific region as well.

The report said that the Chinese consumer spending is expected to grow at an annual average rate of 7.7 percent per year, becoming a crucial engine of global consumer demand and world growth. This means that Chinese consumers’ expenditure will rise from the current three trillion dollars to 11 trillion dollars by 2024. Biswas said that the upcoming meeting of the World Economic Forum”s New Champions in Tianjin, China will focus on three key areas: science, technology and innovation.